Aussies Leave Highest Inheritance to Children, HSBC Report Says

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By Athena Yenko | December 5, 2013 4:38 PM EST

According to HSBC's Future of Retirement Report of 2013 titled "Life After Work," the elderly of Australia leave the highest amount of inheritance to their children as compared to other 15 countries in the world.

The survey asked retirees how much money people are expecting to leave their children and the average Australians surveyed said that they will possibly leave $A578,673.

Singapore landed second with people surveyed saying they will likely leave $A427,695 and Britain landed third with people surveyed saying they will leave $A327,596 as inheritance.

"The report explores key retirement issues including transitioning into retirement, ensuring an adequate post-retirement income, leaving a legacy for future generations and achieving later life aspirations. It also includes some practical steps that people can take to help secure a more comfortable retirement. In this report we can see how a new retirement landscape is slowly emerging. The desire to live a full life after work can be seen in the widely held aspirations for healthyand prosperous retirement. People also aspire to leave a positive financial legacy for their children and grandchildren, during retirement and through inheritances," Simon Williams, Group Head of Wealth Management, HSBC, explained.

"It's good to see that, even in these tough times, parents plan to leave an inheritance to their children. However, it is vital that people do not rely on these potential windfalls to fund their retirement. Whatever their good intentions, parents may face their own unexpected hurdles and require the money to fund other things such as their own medical and nursing care in later life," according to Cristine Foyster, head of wealth development at HSBC UK.

The report was written by the Cicero Group.

In order to come up with the comprehensive report, 16,000 people were surveyed from Australia, Brazil, Canada, China, Egypt, France, Hong Kong, India, Malaysia, Mexico, Singapore, Taiwan, United Arab Emirates, United Kingdom and the United States in the period between July 2012 to April of 2013.

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